Nissan is now planning to cut down 20,000 jobs, or 8.5 percent or its global manpower to be able to cope with what the car manufacturing company foresees to be its first annual loss for a period of nine years. Chief Executive Carlos Ghosn admitted that like other global car industries, Nissan is no exception to experience the economic turmoil.

Nissan is planning to seek government’s financial aid, aside from cutting down jobs and delaying establishments of new factories and model launches.

The car company is anticipating a 265 billion yen or $2.9 billion net loss this fiscal year up to the month of March. This would be CEO Ghosn’s first loss since he took charge of the operations of Nissan in the year 1991. Aside from Nissan, other massive Japanese corporate companies are cutting down jobs and foreseeing yearly losses. These companies include Toshiba, Sony and Toyota.

Nissan Motor Co. had already survived a yearly net loss that lasted on March 2000. Their alliance with Renault SA of France helped the car company survive from the brink of economic collapse.

CEO Ghosn had already put on hold the midterm business plan of the Nissan GT 2012 that was revealed last year and its goal of reaching a desirable 5 percent on its revenue growth up to the year 2012.

The car manufacturing company’s priority as of now is to preserve cash, as other Japanese market competitors are struggling to do in order to survive the deteriorating global economic condition.